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Bread (and jam) for Famous Brands
The company said on Thursday, 18 April 2013, that the price is not material to the transaction. It will be funded from cash reserves.
The Bread Basket was established in 1982 by husband and wife team Adonis and Christina Avraamides. In the late 1990s an in-house coffee shop and café offering was incorporated‚ providing light meals in a sit-down environment to supplement the quick-service take-away component.
Today the business comprises six retail outlets‚ three of which are family-owned and three franchised. These are all situated in high profile shopping malls in Johannesburg at Eastgate‚ Sandton City‚ The Glen‚ Morningside and Greenstone and in Pretoria at Parkview.
Significantly‚ the business also comprises a manufacturing facility which supplies the six bakeries with croissants‚ pastries‚ confectionery and deli products.
Famous Brands chief executive‚ Kevin Hedderwick said: "Key to the rationale underpinning this purchase is the substantial supply chain opportunity which this investment affords. This transaction aligns with our strategy to build manufacturing capability. In this case‚ specialist breads‚ pastries and confectionery‚ which most of our brand portfolio and franchised network currently buy from external suppliers."
"This purchase provides the group with access to manufacturing assets as well as the technical skills and experience, all of which we will be retaining‚" he said.
Source: I-Net Bridge
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